SEC's Levitt Offers More Questions Than Answers

WASHINGTON -- Like the already murky roles played by independent directors of mutual funds, Securities and Exchange Commission Chairman Arthur Levitt was anything but clear in his vision for the directors' jobs in his opening remarks at a conference on the subject this morning.

Citing the need to protect the more than 66 million mutual fund investors in the U.S., Levitt said, "I will ask the commission to make improved investment company governance one of its top priorities. I expect that this roundtable will help shape our agenda."

But he also said, "The purpose of this roundtable is not to have the commission tell independent directors how to do their jobs," and "I want to make it clear that I do not favor government intervention in this area." ...